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Nigeria’s inflation fee rose to 16.82 per cent in April, recording the very best bounce in eight months, the Nationwide Bureau of Statistics (NBS) mentioned in its report Monday.
The patron value index, which measures the speed of improve within the value of products and providers, jumped amid will increase recorded in meals and vitality costs.
The NBS mentioned on Monday that the speed is 1.3 per cent factors decrease in comparison with 18.12 per cent recorded in April 2021.
Nevertheless, the brand new annual fee is the very best since September 2021 (16.63 per cent).
The NBS mentioned that headline inflation fee slowed down in April 2022 in comparison with the identical month within the earlier yr.
City Inflation
The report mentioned city inflation fee elevated to 17.35 % (year-on-year) in April 2022 from 18.68 % recorded in April 2021, whereas the agricultural inflation fee elevated to 16.32 % in April 2022 from 17.57 % in April 2021.
On a month-on-month foundation, the city index rose to 1.78 % in April 2022, up by 0.02 from the speed recorded in March 2022 (1.76), whereas the agricultural index additionally rose to 1.74 % in April 2022, up by 0.01 from the speed that was recorded in March 2022 (1.73) %.
The corresponding common proportion change for the city index between 2021 and 2022 is 17.01 % in April 2022. That is decrease than 17.10 % reported in March 2022.
However, the corresponding rural inflation fee in April 2022 is 15.91 % in comparison with 16.00 % recorded in March 2022.
Final month, Nigeria’s client value inflation rose amid rise in meals and vitality costs world wide, worsened by Russia’s invasion of Ukraine.
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